1956-01-03 — Page 9

11

Page

THE CHINA MAIL, TUESDAY, JANUARY 3, 1956.

TRADE and COMMERCE

SECTION

Page

Britain Faces Big Wage Bill Markets Closed London Market

For

1956

ABOUT 20 PER CENT

UP IF PRESENT

CLAIMS

MET

From Our Economic Correspondent

London, Jan. 2.

With the claim for a 15 per cent wage increase just put forward by the three million engineering workers the total amount of wage increases under consideration in Britain at the outset of 1956 is estimated at £500 million a year.

now

In the first 11 months of 1955 wage increases amounted to about £250 million a year, but the addition to industry's wage bill, including overtime, was an estimated £400 million.

the wage

IT, therefore, creases under consideration

the start of the ww met in full they will exered actual Increases $1 1955

about 20 per erat

HONGKONG Review Of London

STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hong- kong Stock Exchange this moning amounted to $180,000.

Nixm quotations and the mor-

ing's transactiona;

SHARES BUYERS KEllers saias

BANKB

BITK 1750 1770

INSURANCES

Union ... 000

DOCKA, NIC

X Wharf

Prov Cent

• Pri Wirel

08

*1

020 840 BUDE JA E38

Stock Market

For

Last Year

By C. T. Hallinan

London, Jan. 2.

Here endeth 1955-not a very good year. Not like 1953 and 1954 in which the market values of British industrial moved

with steadily upward

only minor corrections.

1086 has been a yent of great instability. The Financial Times Index of merne 30 lending indus- trial shares started the year al 184.2, then an all-time high, and rose another seven per gent

rent fo Another all-time high

February, of 107.5, tumbled some 20 points to about a fortnight to 177.0, milled around undecidedly and then started upwards, real ing on July 21 Its all-time uf 223.9, whereafter fresh tum bles and finally In Decrinber a stow recovery to 200.4. about 250 half way between the year high

LAND, KEY TIK Hote HK LARI

Benity

17:30 1770

RUSHER

A

KOLI ITIES

Rubber 19824) 2

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C

Electric

23 70 2300 1300 * 24 10 Ferr) 102 103 Fight (0) 2006 Fight (N) 1 0 17 10

1233

37 1000 + 304

Telelnie

INDUSTRIALS

Content

In-

Arguments

oganst

granting

wage Besea~es are bul they

the

irv

are

at hold Kİ, Ling * dwir force Bituin appears to

kras

danger v pricing herself out of the world markets;

chief competitors now that vers

up against ment phon

Hope STOREN Dairy Wntain

CVATONS

FRY

19 20 41 CA

13 13 20 200 1316

a full employ-

I'

% 71 1

2511

JJJ

MISCELLANEOUS

Youtze

000

5 45 5 33

The engineering and ship- building Industries.

confronted by the prospet an additional bill of £250 mil- Bon

This year for Wages the amount it is stlinated the Industry would have to pay out if the present and jurispretive claims by ils

fully conceded

are

My the

And the anguncel thut wage terr are nullifted by price Iner eurer which inevitably follow 2. Becont

1 tandius with Ever volte would be wage-prleest spiral be halted, but they would Anturally like the other fellow to make the Best moVV. And pu far neither workers 1101 T- have shown much by players engineering willlugness to do this.

Similar Claims

The 15 per con claimed

the three

workers represented

Confeditations

Lie

of Shipbuilding

and Engineering Unions a K-

peeled to be followed by simi

lar claims from

Political Test

Seeking # way

political Minister

The 250,000

www.dilam Alto..

shipbuliding Workers

gether these would cost £150

million a your

teri

of the

Macmillan,

But engineer- ing employers also fare demands MacLeod, and

tanus cellor for higher pay for 400,000 wo men workers und 500.000 start archi workers as well as for higher! likely overtime, night work and Sun-Servier.

day

rates

And these could

cost up to another £100 md-

lion.

new

ABird

and its low

Market Leaders

The country's enemy is intu- Hon-opizion seems unanimous lon this—but investors appareil-

refuse ly

to admit that the priers of ultractive shares ean

Sellett

forecs Betonary much as the prives of food

Shoptarliding shares and cop:

have eclipsed per shares

38 others by rising

per cent

H

Shares during the year; copper extually had risen 51 per cent in

1955–A Year Shipbuilding shares with rom-

Of Company Mergers

a

but failed to hold it.

panies books full for the next four or five years-are still the unquestioned leader of the bull market.

groups

MAGAZINE PREDICTS DECLINE

New York, Jan. 2. Fortune Magazine töday predicted a mild business decline this year followed by a business upswing in

1957.

સ

London, Jan. 2.

London rubber market wae closed today

The

while markets of wool,

COCOS pepper sid

wete pimp olbeed, Timy reopen tomorrow.

Financial and commodity markete throughout the United States Work closed today because

Now YOUT

holiday. Úälted

Prons.

WEEKLY

NEW YORK

COTTON

MARKET

on

*

Has Active Trading Day

London, Jan. 2.

Was

Easily the most active spot in the entire city of London today was the stock exchange.

Turnover at 10,764 bargains recorded excellent for a day which was widely regarded as a semi-holiday.

was the tall of 2 sterling in

What stands out is something, man Polush benda rose 2 Mer. rather negative-that the well- | Ing. Japanese were not very to-do people are still not ut all attive: almost the unly feature frightened by the current inflation und the trash Treat ment they are likely experience if no effective steps ste faken to combat it,

ינל

lo

f

motors,

By William T. Plunkett

Leading industrials all moved upward by six pence New York, Jan. 1.

i shilling especially oils, Cotton futures ended textiles and tobaceo. 1955

note of steadiness after sco-sawing narrowly in one of the slowest trading periods of¦ the year.

15 cents

At Fridny's close the list rufed 18 poluts 3 points lower to cents a bale compared with the higher, or

to up 98 preceding week.

*

The nearby March contrael The

Magazine roundup sid

showed

Hedge the only less, that 1050 will be another "stselling and liquidation Increased business year over," it suld the

the spot month whenever the In the output of goods and services price neared the 34-cent fine, A will total $390,000,000,000 or 2 premi

bale over the premium of $1 per

then cent higher

1035'9

Joan average

rate nt the $391,000,000,000.

southern spot markets was be- Fortune said spending already eved sufficiently attmetive to is declining as consumers pay bring more cotton inlo ta cle- off debis, and thal business verable position. Inventories are rising rapidly

Continued and heading for a cutback. The Magazine said production "is impoundings under the govern-

and A loan, now ment

resultant probably at a peak right usad

slight downturn

seems tightening up in the spot cotton the May inevitable within the next four trought covering in months."

and July deliverjes,

Estimate

Should Be Milder

hruvy

The roundup sald The re- adjustment should) be milder than that of the 1959-54 the current rate

"rocession" because defence

th

The

producer

Stausticlans estimated that ut Oils were strong with British

im- of loan Petroleum perhaps the star at- traction. The whole group had

poundings, government holdings gained 30 per cent at the July Production will not decline this this season might reach 7,000,000 peak and siffi retained a rise of me at tax cuts may be voted bates, or about half of the cur- New York, Jan. 2. 25 per cent at the close. Radio, for consumers and businessmen rent crop prospect. Up to Dec. report said that after 28, government holdings of the The of this

1955 year

went aircraft and engineering shares will be the

biggest down as the

most active also retained fair proportions of inventories have been lowered 1955 crop amounted to 8,177.160

and debt repayment tapers off bules. that

their gains. mergers în period for

fd Several Mr Jaln of Labour,

badiy to permit more buying of con Motor century, but eco- Indeed.

shares, the new Chan- quarter

after stuner goods, the stage should Uppermost interested centred

the

special Government's Exchequer, Mr nomists expect the "merrislog some 32 per cent by July, be set for the recovery in 1957. on

The Magazine said the big million-bale export programme closed the year with a net loss are ever ger fever" will drop in

will be

waty an decline

Jon. 3. in consumer to get under the to face Landon Express 1956.

of five per cent reflecting

for cars, house Many traders walted to see wha restrictions 07% hire purchase sponding

bids would be acceptable to the sales, rising competition over- furnishings, and wearing ap- According

Commodity Credit Corporation. Trade Commission, pentina- seas and rising clomestic costs. parel-United Press.

Weakness in the nearby de- the other hand textile tione in mining and fnamufac- On

ot Liverpool Was with

the fear that low than 500 in 1955, the most since on the

bids for the government surplus cent The pen pesimism. 700 recorded in 1930.

might be accepted. was 1,245 in 1920.

sald two factors Economists probably will slow activity in

1056:

In

the

Fecieral

nlara claims there have bee DIVIDENDS turing Industries totalled more this closed with a net loss

unlons'

bids for higher pay by workers

Jn

all the other key industries One million building workers have put in a claim which would cost £0 million a year; 700.000 miners want an additional £36 million

year! the unions are claiming

A

rallway

G

similar

amormt; 750,900 shop

SET NEW HIGH

1. The fuct that most likely already have con- candidates New York, Jan. 2. workers

suliclatex) and;

Growing 2. American Corporations opposition frum thr are to get raise costing £15

disbursed million a year; und 200,000 cotton

recorded Department. operatives are preparing @breaking total of $11,000,- demand for £10 million a year | 000,000 in cash dividends more. The list could be ex- fended. Farm workers, chemical in 1955, establishing a new

workers and dockers are among | all-time peak. other large groups bidding

for

#

year of only six per

the despite

unwarying

Volatile Year

the

World Trade Doubles In

17 Years

of

two

Overseas

Times Attacks Govt And Opposition

Because of the uncertalarly as to how low the CCC will set its selling price, there was quite In short, a very volatile your

some guesswork as to how much though it setihs

cotton will be sold to reflect no In excessive confidence

during the forkpart of the year. United Nations, Jan. 2.

Some commentators

cinimed outlook for 1036.

The volume of world trade Over the past year investors

coun- cet quality desirable in most Justice tended to drift out of British increased by about 51 per cent the cotton being offered is not a

1954 while

Sources be- tries. But other government stocks. The Finat between 1997 and

will some of the stock elal Times Index of government the average price of goods ex- Heved securities started the year at changed increased by 118 per be sold to Japan, Formosa and Mad Scramble

cent,

to the annual Korea-United Press. according 103.25 but the rise in batik rate

trade statistics initiated steady selling which by international

today by the United During 1956 a mad scramble September 5 had carried the in-issued

Nations. ever

The result higher pay. Firemen, cinema and

these This compared with $10,000,- for diversification sparked most dex to 87.05, the lowest the index since Itt a booming economy established

reen

wala theatre workers, telephonists and 000,000 in 1854 nad with unions,

ini 1920. It closed increases was seen in the fact employees in other smaller in- | $5,823,000,000 pakd in 1920.

companies found mergers a

their last week at 20.00, a net fall in that the value of exchanges in way to improve good dustrics and trades bring the

12 peol the year of

1054 was almost triple that of per cent. standings, total

wanting mumber

competitive mure

The statistics do not Foreign bonds were, un the 1937. money to 7 million.

resources or take advantage of

whole, eccentric.

non-include exports and imports of The special tax credit situations.

otsented Dewch Loan, closing the Communist countries.

Exports from the highly-in- cases strange bed at 110 sterling, showed n not

courities the dustrialised fellows appeared. Childs Co., a gain of only 7 sterling on the

Don- United States, Western Europe The force behind this spate of Aircraft, amusement, automo-restaurant chain, for example, 12 months whereas

shoe polish Add; assented

closing and Japan contributed con- Young Loan, wege claims is quite simply the tive, bulking, chemical, elec-invaded the

siderably

to the increase i rising cust of living. Figures trien equipment, machinery and Philadelphia & Reading Corp. at 199 sterling, showed a rise of published by the Ministry

London, Jan 2 Labour last week show that natural gas,

of metals, paper, petroleum and a coal producer, entered the un-30 sterling: the assented Dawes volume but less to that of prices.

A big proportion of the derwear rallroads, rubber,

Loan, closing at 78 sterling, wus

from these porta

The Times jopened the New countries 19 wifica and prices have both steel, utility, shipbuilding and Brill Motors Co., a former bus unchanged from a year ngo rizen by 54 per cent since the miscellaneous

now reserved for under-deve-Year today with a severe ainek business com-builder, bought supermarkols,

while, the Young Potash assent-loped countries.

upon both the Government and middle of 1947. But the signi-panies

nèt gain of 17

Opposition for their "feeble- ficant thing is that prices have Stock dividends were distributed

will see ed showed a Experts say 1058

Far Eastern countries showed

ness" in meeting sterling at 845 and 225 sterling, the smallest moresse with 65 now caught up with the rise of

more of this.-United Press,

mit crises in 11 respectively. after

ἐπ nine months wages

per cent.-France-PreKE, which they lagged behind.

Some of the further rise prices between mid-October and mid-November is accounted for by the purchase tax increases in the autumn budget.

The Force

of

But there

General Motors Corp. led all companies with a cash payment for the year of $595,955,400, the highest dividends over paid in American corporate history,

Increased

in volumo.

Second

parments

Of the 1,595 issues, 1sted of the New York Stock Exchange, dividends were paid on 1,403,

were also increases in the price involving 965 common and 438

in sume

business;

Singapore

ACF

of a number of foodstuffs and preferred stocks. These gre Stock Market

other, commodities entering into Ealed $7,091,491,000, & record. the day-to-day cost of living. In 1934 dividends of $6,800,027,- which were not affected by the 000 were paid on 864 common budget.

and 436 preferred stocks.

Nevertheless, the budget has

American Telephonic ·with necelerated the present round of wage claims. Some unions have payments of $450,910,000, ränke made no attempt to disguise this. ed second in this year's big for payers, followed by Standard

▾ The

engineering

unions,

Singapore, Játi, 3. Brokers today quoted the fol- lowing stock prices: ·

Opening Co. Botu Lintang Rubber

01.70" Ltd.

Petroleum British Borneo

Syndicate

40/d Smelters

30/-

$1.70

$0.00

example, originally claimed a 10 O Co. (NJ) with payout of Consolidated Tin

Ord. per cent increase. Last week, $344,841,180, mid Du Pont texter & Neave Lid, however, they submitted that the with $318,850,000. Unlied Fraser & Nerve effect of the budget justified ʼn Prem.

10 per cent pay increase, S Attitude Stiffested

There are signs that some at the other

Have Big undone. stiffened their attitude whicớ tho

budget Union leaders who were:

prát

| Hongkong & Shanghad

ingy Corp, a Hongkong-zin Ltd.

Kempas Ltd. maak,

LONDON SILVER Rubber Estates Ad

PRICES

London, Jan.

Malayan Brewerica. [New] Berandah Bubbet

Petaling Tin End

The price of silver was quoted Singapore Cold Storage recently combellos moderation today at 78% pense per fine auth Bettis Enkerance

Etd."

in ware claim Aro now hnding ounce for boat and /7831 péhoë | intracta at, amount 16 testat tine pegariten for Edward (agmum 7532). FRIEN from, the more militara element 78% pence previously)=United | were Vit among shole, followers.

the

Japs Demanded Japanieso enjoyed iner

BRITISH STEEL PRODUCTION

L

the

Britain

the approach-

made

It said, in part in part: "Years of prosperity -- even though punctuated by recurring financial alarms have demand. Tokyo Eldetric 0 per

flabby economically cent bonde, non-rechted, open-

We have used for payment what ed the year at 219 starling and

should have have lived part-

beer put to London, Jan. 3, closed at 276 while the assented

vestment. British steel production was. swept up from 157 starting to

ly on our capital. Inflation hac estimated at approximately almost passed on being regard 196 sterling.

Similarly the popular 1980, 19,800,000 tons in 1955 and ined as a necessary evil to being necessary. without opened at 193 sterling and clos-dustry hopes to reach an output considered ed at 210 for the non-agmented of 21,000,000 tons, in 1956, the

being thought

Today the asserted, rose from British Iron and Stoel Federation what once seemed a caress his while

declared today. 139 bo 186 aberling. A lot of

a. clutch.. upon The British iron and sicel in-throats United Press. exptive progress for such

(dustry,

the Federation! 'pointed Securities-Urilted Prese,

out, has continuously expanded during the past 10 years. During

London Foreign

Exchange

Löndun, Jan. Forelin oxchangé, rester cloned, todde as follows:

Mon

this period, production has in- creased by two-thirds. Five tons are how manufactured for och three ions produced in 1945. France-Presne.

¥

become

qur

LONDON COPPER AND LEAD

London, Jan. 2. The copper, maricet was easier while fond and zino: were firm. Prices closed today in alsriing

únomielai alternoon; session ¦ ##

Buyers Sears

Exchange Rates per long ton at the end of the

mustinek a dorks in the local follow

Apr. 2. 11045. Zino,lat half Janning - 165°

Oils Up

stocks

Brith Deveniment were again out of the picture, but with mostly unchanged soine down 1/16 sterling.

Royal Dutch jumped is 6d to £624 with Burmah up is 9 and Anglo-Egyptian "B" up 3d

German bonds showed spletu- j eular buying with Young Lon son-asented up 41⁄2 sterling and the assented up 31⁄2 sterling, Thọ Dawes Loon was less active but gained i sterling. The two Ger-

Tokyo 6 per cents to 175 sterling.

Pallen Press,

LONDON TIN MARKET

London, Jan. 2.

The ja murket was steady in inorning session,

the offelal Spot fell

In 183234 and three-month rose to £814. Turnover was 120 tams,

in the afterno session, the in market

tut steady marked

unofficial

Wis

let. Spot waa 14 to 834% and three-month I point higher ti £815%

Closing prices in sterling per

Turnover was to lons,

top to

were:

Spol

buyers

2276

sellers

3-month

buyers

$16

ellers

B10

~~~ Visited

Press

P&O B.I. E&A

COMPANIES

PENINSULAR & ORIENTAL 5.N. CO.

PASSENGER/FREIGHT SERVICE

Leaves London

Aniled

Outwards "UARTHAGE”

Due Hangko

pit Jantiary

14th January

5th January

1th February

1st February

Bin March

"CHUSAN" "CONFU" "CANTON"

Via Southampton, Port Said, Allen, Bombay, Colombo, Penang & Singapore

Leaves Hongkong Dún Londen

Homewardi "CARTILAGE" 15th Janu

*“CHUSAN"

"CORFT"

"UANTON"

30th JanusTY

10th February

9th March

13th February 27th February 120 March

Din April

Via Bingapore, Panang, Colombo, Dombay, Aden,

Port Bald & London

Also Caits Marseilles.

FREIGHT SERVICE

"BINGAPORE"due

6th Jan

7th Jan

"SOMALI" load 7th Jan.

front .K. fat Japan

for S'pore, P. Swetten- ham, Penang. Aden. Port Seld, Genoa, Mar- Beilles, Hayre, London, Hamburg, Rotterdam & Antwerp

With liberty to call at Relawan défore or after Straits Ports and at Bombay if inducement azars. Tanks avaliable for carriage of Oll in Bulk, Space for refrigerated cargo. Limited Passenger sccommodation

BRITISH INDIA S.N. CO., LTD.

1850 - A HUNDRED YEARS OF SERVICE—1938

"SIRDHANA” kalis dlh Jan, for Singapore, Penang &

Calcutta

"WABORA" sali 10th Jan: for Singapore, Chit-

tagong Rangoon “BANTIA” dus 18th Jan. from Calcutta, Rangoon

* Stralis sail 19th Jan. for Japan

P. & O./B. I. JOINT. SERVICE

"URLANA" loads 5th Jan.

"ITOLA"

"ORMARA"

"ITAURA”

loads Bils Jan.

dife, 12th Ján.' Filis 13th Jan...

for: B'park, BOMBAY,

· Karachi. Basrah, Khor- 'ramshahr· & Kuwait

Jar Singaporé, Madras, BOMBAY, "Karachi, Bas- yah, Khorramshahr» de Kuwait

trom Dimbay for Japáni.

loads 28th, Jart, for Bingapore, Colombo,

Karachi Baera], 'Khor- ramshahri Kuwait

EASTERN & AUSTRALIAN S.S. CO., LTD.

RAFUBÁ” dus 5th Jan, from Australia |

tall für Jan:: for Japan, PEASTERN 16adx67th Jun. for Sandakan, BADAUL, Brabane, Sydney, Mol- bane Adjffaldo.

All vesini Hays Liberty to call at dite ports on or off the roule is the route, & skiling sen subject to change'or. Kusmidigeni wish or wh566)

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OF HONG KONG LTD Telephone Nes, 27721 4.